For many property owners, the idea of renting out their holiday home is attractive. For one, it can help cover the costs incurred in financing, and the up-keep of your property, or it can bring in some extra cash that can bolster your savings account.
However, renting a holiday home isn’t without its fair share of complications, such as, ensuring that you are within the scope of the local, country-specific regulations and laws for letting, that you have the necessary safeguards in place to protect your interests, as well as ensuring that your property will attract potential holidaymakers, while maximising your income. Consider the following three steps that will ensure you make the most out of renting your holiday home.
Step 1: Familiarise yourself with legal implications
The first thing that you should do before renting a holiday home out, especially in a country whose laws you may not be completely versed in, is to ensure that you have a good understanding of the local rules and regulations that apply to foreign nationals leasing out property. For example, if you have bought property for sale in Calpe, Spain, there are relatively new laws that foreign homeowners must comply with, including; a payable license fee, getting holiday home insurance, complying with safety/standards regulations and declaring your earnings to the authorities. Each country will have their own regulations – so be sure to investigate these before signing your property over to holidaymakers.
Once you have found the perfect tenant, ensure that there is a valid, written agreement between you the landlord, and the tenant. It is advisable to have a local legal representative who can assist in drawing up the agreement for you. If possible, you should also check the credibility of your prospective tenant by running a credit check and requesting references.
Step 2: Do the décor and make it convenient
If you're renting a holiday home to potential holidaymakers, it will benefit you to equip and decorate it so to be able to ask for more rent, and in the process attract decent tenants. No one wants tenants who are more trouble than they're worth such as those who damage your property or don’t pay what is owed.
Having said this, the expectations of the large majority of holidaymakers increase every year in terms of the standards and facilities offered in and around your home. Special value-adds such as air-conditioning, and a deck or terrace with sun loungers and an incredible view, will attract more would-be tenants to your costal town holiday home for example. Internet and satellite TV are also other nice-to-have features.
Also, when decorating, remember that your personal taste may not be others’, so rather opt for a neutral look when it comes to paint colours and furniture choices. Spending a little more on quality paints and finishes in your bathroom and kitchen will also benefit you in the long run in terms of less maintenance – thus saving you money, while impressing prospective tenants.
Step 3: Get help from a reputable renting agency
Showcasing your property to its full advantage will make renting a holiday home that much easier. To do this most effectively, it is advised that you employ the help of real estate experts in the region. Not only will they be able to best advertise your holiday home, but they will be able to handle all the administration involved in showcasing your property as well as the documentation.
So, having brought that property for sale in Calpe, and now you are wanting to rent it out, will mean that there is lots of demand for it. It is recommended that you contact Seanest, the experts in real estate in the region. They will help make renting a holiday home as easy as following steps 1, 2 and 3.
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